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Products and services don't just sell themselves. Several steps are involved in distributing them to the right customers. These steps are nested under one big umbrella known as marketing. In this guide, we will walk through the essential concepts and topics in marketing, as well as how you master Marketing studies with StudySmarter.
A food tasting popup in a shopping mall, a flash sale deal on an eCommerce app, a TV show billboard on the high street. These are examples of marketing campaigns. You probably thought of marketing as an invention of the modern world, but the fact is it has been around for ages. The first evidence of marketing came from a mosaic container by a fish sauce manufacturer in antiquity. 1
While marketing activities vary among industries and markets, their definition is basically the same:
Marketing is a set of strategies and tactics to promote a company's services or products to the target customers.
Studying marketing will lay a strong foundation for your understanding of business. It will also prepare you for a wide range of careers after school.
StudySmarter writes explanations that guide you through six main topics in marketing:
Strategic marketing planning is the development of marketing strategies based on the overall business strategy. It involves understanding the current situation of the business and developing matching plans. In this section, you will learn about the strategic objectives of marketing, how to develop marketing growth strategies, and build a business portfolio that aligns with strategic goals.
Before implementing any marketing strategy, you must develop a system to manage and monitor its progress. This is where marketing management comes in. Marketing management is the entire process to ensure the effective implementation of a marketing strategy. Two important topics in you will learn here are Marketing ROI and Marketing Strategy Management.
Marketing in today's world is hugely data-driven. One of the reasons is because of the extensive use of information technology. Marketers need a productive system that helps them collect, analyze, and apply essential data to pick up gems from the overwhelming sea of information. A marketing information system also allows them to manage customer relationships more effectively and perform marketing analytics.
In this section, you will also learn about the methods that help companies collect data such as surveys, interviews, focus groups, observation, and field experiments (Fig. 1).
Marketing communications is all about informing, engaging, and convincing customers to make a buying decision. There are also post-purchase communications, such as customer support and feedback collection. If you are interested in becoming a marketing communicator, you may need a firm grasp of marketing campaigns, promotion mix, advertising media, as well as modern marketing strategies like mobile marketing, social media marketing, email marketing, SEO, etc.
If companies want to appeal to a certain customer group, they have to provide what the customers need. That is why building a customer-driven marketing strategy is important. An effective customer-driven marketing strategy always starts with market segmentation, targeting, and positioning. Knowledge of micro- and macro-marketing also helps marketers to design a quality and cost-efficient marketing strategy.
The STP Model is a popular framework to define the target audience and how to market to them (Fig. 2):
If companies want to maximize their impact, they have to extend their business beyond the national border; in other words, to adopt an international marketing strategy. This section will cover everything you need to know about global marketing, including its major types and methods.
Whether you're studying for personal interests or upcoming exams, StudySmarter has got you covered. Our team is a collective of passionate marketing learners and enthusiasts just like you and will guide you through all the important concepts in marketing. What's more, it's free! Check out our Marketing Revision Guide below to see how you can get the most out of StudySmarter learning materials.
This short guide will cover everything you need to know to study and revise your exams with StudySmarter:
StudySmarter marketing summaries will cover all they need to know about essential topics in marketing while introducing exciting marketing concepts to deepen your understanding and interest in the subject. You can become the creator yourself and upload them to our platform to share with other students: summaries, workbooks, notes, exercises, or anything you think others will find useful.
Flashcards are a great way to overcome imposter syndrome and consolidate what you've just learned. Marketing flashcards consist of not only definition questions but also multiple choice and case studies to pick your brain. And yes, you can create your own flashcards and share them with your friends and study groups!
Studying online can be lonely. Joining a study group will motivate you to learn better and more effectively. Here's an idea for you to try: Pick a Marketing topic you're interested in learning more about and read through our explanation. Then create a quiz and share it with our community on StudySmarter.
Rewards make doing things more exciting, aren't they? StudySmarter lets you set your weekly goals for completing subjects, correctly answering quizzes, and asking questions. Reaching these goals will earn you trophies. For example, study every week for three months, and you'll gain the Best Thing Since Sliced Bread! The more you learn, the more tropics you get to celebrate your hard work.
Digital marketing is using digital tools like social media and emails to perform marketing functions.
To effectively maximize a marketing campaign's performance, marketers use a method called performance marketing. This method involves marketers paying advertisement agencies or platforms to advertise their promotional campaigns and the marketing fee is only paid when the desired action is achieved, such as a view, click, sale, etc.
Marketing involves the set of various activities that are used to promote and sell products or services to customers and influence their buying behaviour.
Affiliate marketing involves businesses paying commissions to third parties, called affiliates, to promote and sell businesses' products and services.
7 main functions of marketing are
3. Market research
5. Sales volume and sales value
6. Market share
7. Brand loyalty
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